Even though Disney (NYSE:DIS)
shares were basically flat for the past quarter (while the S&P 500
was up about 5% and some consumer indices were a little stronger), it's
hard to overlook the 30%-plus gain over the past year. Along similar
lines, while the company's core cable, international park, and movie
business may have not done so well this quarter, Disney doesn't run
itself on a quarter by quarter basis. With that, and the company's
strong sports, movie, park, and IP franchises, it's hard not to like
Disney as a company, even though the shares don't look particularly
cheap.
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Showing posts with label Comcast. Show all posts
Showing posts with label Comcast. Show all posts
Wednesday, August 7, 2013
Thursday, June 6, 2013
Investopedia: Ciena And Carrier Spending - They're Baaa-aack
As much as I've thought (and written) that Ciena (Nasdaq:CIEN)
was a good way to play the eventual recovery in carrier spending, I
couldn't personally get comfortable enough the long-term financial
numbers to buy the shares for myself. While that didn't seem so bad over
the recent months as the shares lagged the broader market, today's big
reaction to second quarter earnings is a little hard to swallow for
those of us on the sidelines. The good news, though, is that it really
does seem like carrier spending has come back, and with that Ciena
shares still look underpriced.
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Wednesday, May 8, 2013
Investopedia: Disney Does It Again
As I said in my last write-up of Disney (NYSE:DIS),
there's an element of predictable unpredictability to this company and
that came through again this quarter. Like so many other
consumer-oriented stocks, though, Disney has been on an absolute tear –
more than doubling the performance of the S&P 500 over the past
year. While I wouldn't worry about that if I were a long-term holder of
Disney (and still planning on being one), valuation is making it appear
as though there's a housing bubble for the House of the Mouse.
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Friday, February 8, 2013
Investopedia: Disney Has A Stable Of Horses To Ride
While the quality of global entertainment and media giant Walt Disney (NYSE:DIS)
is generally taken as a given, the company has always been a little
more erratic in terms of margins, cash flows and returns on capital than
most companies of its size and reputation. These variances are largely a
byproduct of the nature of the business (particularly hit movies), but
they can still create opportunities for investors. Disney seldom gets
very cheap, and the company has multiple levers to improve results over
the coming years. But investors should keep their eyes open for a chance
to pick up shares should the stock stumble on transitory bad news.
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Tuesday, December 4, 2012
Investopedia: Should Investors Direct Their Portfolio Toward DIRECTV?
Investors
with a few gray hairs may remember when DIRECTV
(Nasdaq:DTV)
was a controversial stock, with plenty of doubters as to whether this
company's satellite-based pay TV approach could ever make hay against
likes of Comcast
(Nasdaq:CMCSA).
That debate is long over, and the company has proven that it can
generate pretty significant amounts of cash
flow. That doesn't mean that the stock still doesn't offer some
controversy, though, with the debates now shifted as to whether the
company can withstand the evolving competition of the pay TV market
in the United States and continue to grow in Latin America.
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Thursday, August 9, 2012
Investopedia: Another "Good Enough" Quarter For Disney
Media giant Disney (NYSE:DIS)
did not have a perfect quarter, but it was good enough to get the job
done. Media results were a little noisy, but solid revenue growth in
parks and resorts coupled with good profitability in the studio made for
a good bottom line result. As is often the case, Disney's stock is not
especially cheap, but investors have long been willing to pay up for
Disney's dominance and perceived full-cycle consistency.
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Monday, December 19, 2011
Investopedia: A Look At Yahoo's Past, Present, and Future
Flogging the rumors of a Yahoo! (Nasdaq:YHOO) buyout is a well-rehearsed move among financial journalists, over the last year or so. Certainly this one-time internet darling still captures a lot of attention, as did the stories about Microsoft (Nasdaq:MSFT) or Alibaba possibly acquiring it. In all of the discussions of what might happen to Yahoo!, though, it seems like there is relatively little acknowledgment that the company have still have its own independent future. (For other acquisitions, see Biggest Merger and Acquisition Disasters.)
Although going head-to-head with Google (Nasdaq:GOOG) is unlikely to start producing great economic returns, and the company has certainly missed out on many high-potential business endeavors, there are still a few things that Yahoo! does well. They just may not be the things that people immediately think about as long-term business opportunities.
What Yahoo! Was
Most readers are pretty well-acquainted with what Yahoo! used to be and what brought it to fame and recognition. Yahoo! was one of the first useful search engines on the web and arguably one of the first viable internet businesses.
To read the full article, please click here:
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Although going head-to-head with Google (Nasdaq:GOOG) is unlikely to start producing great economic returns, and the company has certainly missed out on many high-potential business endeavors, there are still a few things that Yahoo! does well. They just may not be the things that people immediately think about as long-term business opportunities.
What Yahoo! Was
Most readers are pretty well-acquainted with what Yahoo! used to be and what brought it to fame and recognition. Yahoo! was one of the first useful search engines on the web and arguably one of the first viable internet businesses.
To read the full article, please click here:
http://stocks.investopedia.
Friday, October 28, 2011
Investopedia: Can Akamai Offer More Than Relief?
Akamai (Nasdaq:AKAM) didn't make the internet, but the company's services do help it work better for companies and users. Unfortunately, Akamai is sandwiched between an increasingly commoditized legacy business, and a value-added service model that holds promise but a lot of uncertainty. Although its possible to construct a large and lucrative revenue scenario for Akamai, investors may want to wait for this relief rally to peter out before making a major commitment.
A Mixed Third Quarter
Revenue rose 11% in Akamai's third quarter, split between 4% growth in the legacy volume-based service business, and 17% growth in value-added services. Among the company's addressable verticals, commerce was strong (up 23% from last year), and enterprise grew from a smaller base (up 30%), while media and entertainment growth was much more modest at 5%. While Akamai's last three quarters saw management talk down the numbers, this was the first "meet and maintain" in a while.
Read the full article here:
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A Mixed Third Quarter
Revenue rose 11% in Akamai's third quarter, split between 4% growth in the legacy volume-based service business, and 17% growth in value-added services. Among the company's addressable verticals, commerce was strong (up 23% from last year), and enterprise grew from a smaller base (up 30%), while media and entertainment growth was much more modest at 5%. While Akamai's last three quarters saw management talk down the numbers, this was the first "meet and maintain" in a while.
Read the full article here:
http://stocks.investopedia.
Friday, October 14, 2011
Investopedia: Sprint Garrotes Clearwire
If there were anything approaching justice in the business world, Sprint (NYSE:S) and Clearwire (Nasdaq:CLWR) would be forced to stay joined at each other's hip, forever. If an investor wants to see two case studies in how companies can completely screw up a potentially lucrative wireless business, these are the companies to seek out. Now with both companies deep in a hole, Sprint has decided to bring out an ever bigger shovel, but this may ultimately be the shovel that buries Clearwire.
We'll Go Our Own Way
Sprint and Clearwire have worked together for quite some time, with Clearwire basically serving as the 4G network for Sprint. Unfortunately, Clearwire has not done a great job with its rollout. Although the company is rolling in valuable spectrum and was an early-mover in 4G, dead spots in urban areas became an unacceptable problem, and Clearwire's geographic coverage expansion slowed to a crawl. What's more, Clearwire has bickered with its partners over rollout strategies along the way, including Sprint.
Read the full piece here:
http://stocks.investopedia.
We'll Go Our Own Way
Sprint and Clearwire have worked together for quite some time, with Clearwire basically serving as the 4G network for Sprint. Unfortunately, Clearwire has not done a great job with its rollout. Although the company is rolling in valuable spectrum and was an early-mover in 4G, dead spots in urban areas became an unacceptable problem, and Clearwire's geographic coverage expansion slowed to a crawl. What's more, Clearwire has bickered with its partners over rollout strategies along the way, including Sprint.
Read the full piece here:
http://stocks.investopedia.
Thursday, October 13, 2011
Investopedia: Can Sprint Nextel Unlock Value?
By most reasonable standards and projections, Sprint Nextel (NYSE:S) is too cheap. But aside from a bounce out of late 2008, this has been a terrible stock to own for many years, and the glory days when Sprint stock carried a "6" or "7" handle seem long ago indeed. When terrible stock performance and apparent value are paired together, it's often a sign that Wall Street has minimal confidence in management. Although Sprint Nextel management has earned the doubt of any benefit, the company may nonetheless not be getting nearly enough credit for what it may be able to do.
A Bizarre Analyst Meeting
Sprint Nextel recently hosted an analyst meeting, and while these are normally intended to add clarity to a story and allow management to explain its vision, it seems like most investors walked away with a lot of lingering doubts.
It certainly did not help matters that the meeting got testy when analysts really ratcheted up the questions in response to Sprint's announcement that it would be launching its own 4G network, leaving Clearwire (Nasdaq:CLWR) out of it, stopping the sale of Clearwire-compatible devices by the end of 2012.
Read more at this link:
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A Bizarre Analyst Meeting
Sprint Nextel recently hosted an analyst meeting, and while these are normally intended to add clarity to a story and allow management to explain its vision, it seems like most investors walked away with a lot of lingering doubts.
It certainly did not help matters that the meeting got testy when analysts really ratcheted up the questions in response to Sprint's announcement that it would be launching its own 4G network, leaving Clearwire (Nasdaq:CLWR) out of it, stopping the sale of Clearwire-compatible devices by the end of 2012.
Read more at this link:
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Investopedia: Netflix Beats A Hasty Retreat
Even though one of the best lessons from Southwest Airlines (NYSE:LUV) founder Herb Kelleher is that the customer is not always right, the reality is that sometimes you still have to give them what they want. Stubbornly sticking with New Coke would have eventually done major harm to Coca-Cola (NYSE:KO), and Netflix (Nasdaq:NFLX) management seems anxious to ensure that Qwikster doesn't become their New Coke or their Waterloo.
So, for now at least, forget all about "creative destruction." Qwikster is dead. (For more see, Netflix And Creative Destruction.)
Turning the Ship
Netflix customers do not necessarily agree on much - there are huge differences in usage patterns, interesting trends in viewing preferences, and all manner of price sensitivities. But on this occasion they seemed to come to a nearly-universal conclusion - they didn't like Qwikster and they had no particular interest in having to navigate two different websites to continue using what had been a simple and seamless product.
Read the full piece here:
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So, for now at least, forget all about "creative destruction." Qwikster is dead. (For more see, Netflix And Creative Destruction.)
Turning the Ship
Netflix customers do not necessarily agree on much - there are huge differences in usage patterns, interesting trends in viewing preferences, and all manner of price sensitivities. But on this occasion they seemed to come to a nearly-universal conclusion - they didn't like Qwikster and they had no particular interest in having to navigate two different websites to continue using what had been a simple and seamless product.
Read the full piece here:
http://stocks.investopedia.
Wednesday, September 7, 2011
Investopedia: Can There Be Another Disney?
There is an idea out there that the increasing "democratization" of content and distribution will mean that the age-old balance between artists and creative types and their corporate masters has changed forevermore. If that is true, investors should consider the possibility that there may never be another company quite like Disney (NYSE:DIS) with its ability to create enduring global and iconic brands.
Has Distribution Changed the Game?
There was a time that if someone wanted to be an actor, they had to accept and work within the "studio system." Major studios like Fox Film, Warner Brothers and Paramount signed up all of what they saw as the talented actors, directors and crew to long-term exclusive deals, and they likewise controlled the production studios, distribution networks, and in many cases the theater chains as well. To be in movies outside of the major studios meant being in low-budget "B movies" and perhaps never having people see your work. (For related reading, see Why Movies Cost So Much To Make.)
Much the same was true for artists in other media. While there were quite a lot of small publishing houses, authors who wanted to make a living had to work through established publishers like Scribner's or magazine publishers like Amazing Stories and Weird Tales - and these publishing outlets were increasingly acquired and consolidated through the 60s, 70s, and 80s. When it came to media like cartoons or comics, there was likewise a limited number of venues - if you couldn't get a job with Warner Brothers, Hanna-Barbera, or Marvel, you were likely limited to self-publishing and had to hustle hard to get anyone to notice your work.
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Has Distribution Changed the Game?
There was a time that if someone wanted to be an actor, they had to accept and work within the "studio system." Major studios like Fox Film, Warner Brothers and Paramount signed up all of what they saw as the talented actors, directors and crew to long-term exclusive deals, and they likewise controlled the production studios, distribution networks, and in many cases the theater chains as well. To be in movies outside of the major studios meant being in low-budget "B movies" and perhaps never having people see your work. (For related reading, see Why Movies Cost So Much To Make.)
Much the same was true for artists in other media. While there were quite a lot of small publishing houses, authors who wanted to make a living had to work through established publishers like Scribner's or magazine publishers like Amazing Stories and Weird Tales - and these publishing outlets were increasingly acquired and consolidated through the 60s, 70s, and 80s. When it came to media like cartoons or comics, there was likewise a limited number of venues - if you couldn't get a job with Warner Brothers, Hanna-Barbera, or Marvel, you were likely limited to self-publishing and had to hustle hard to get anyone to notice your work.
Read more at Investopedia:
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Tuesday, August 30, 2011
Investopedia: Industry At A Glance - Pay TV
On the surface it may not seem like there would be much growth left in the U.S. pay TV market. Penetration rates are already north of 90% and most Americans consider cable (or satellite) TV service to be just as much a necessity as electricity or gas. Moreover, with the decline of dial-up, pay TV carriers also provide the entryway to Internet access for most people in this country.
And yet, that doesn't mean that there isn't growth potential or vibrant competition. Satellite providers, cable TV providers and phone companies are stepping up their battle to offer more or less the same services to the same customer base. What's more, alternate online options are reducing some of the distribution power of this sector, while more and more distributors also see themselves as content providers. Oh, and there's this tech company called Apple (Nasdaq:AAPL) that may have some ideas of its own about how TV service should look in the future.
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And yet, that doesn't mean that there isn't growth potential or vibrant competition. Satellite providers, cable TV providers and phone companies are stepping up their battle to offer more or less the same services to the same customer base. What's more, alternate online options are reducing some of the distribution power of this sector, while more and more distributors also see themselves as content providers. Oh, and there's this tech company called Apple (Nasdaq:AAPL) that may have some ideas of its own about how TV service should look in the future.
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Friday, May 27, 2011
Investopedia: TiVo's Battle Only Beginning
It has been a multi-year roller coaster ride for TiVo (Nasdaq:TIVO) bulls, and yet plenty of volatility and uncertainty remains. Not only does the company have several significant IP lawsuits still in progress, but the company is a long way from establishing that it has a business model capable of producing attractive free cash flow in the years to come.
On the other hand, the company has won legal validation for its IP and signed up several major TV partners. With valuable technology and patents, and several large tech companies likely coveting the in-home reach and potential of this technology, TiVo could yet attract some interest from a bidder. As I said, the roller coaster ride isn't over yet.
First Quarter Results Include a Major Win and Significant Concerns
There is no question that the company's settlement with DISH Network (Nasdaq:DISH) was a dominating factor this quarter. After another legal setback, DISH chose to take a settlement with TiVo - agreeing to pay $500 million in damages, with $300 million upfront and $200 million coming between 2012 and 2017. With that settlement, TiVo was profitable on an accounting basis.
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On the other hand, the company has won legal validation for its IP and signed up several major TV partners. With valuable technology and patents, and several large tech companies likely coveting the in-home reach and potential of this technology, TiVo could yet attract some interest from a bidder. As I said, the roller coaster ride isn't over yet.
First Quarter Results Include a Major Win and Significant Concerns
There is no question that the company's settlement with DISH Network (Nasdaq:DISH) was a dominating factor this quarter. After another legal setback, DISH chose to take a settlement with TiVo - agreeing to pay $500 million in damages, with $300 million upfront and $200 million coming between 2012 and 2017. With that settlement, TiVo was profitable on an accounting basis.
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Friday, February 11, 2011
Investopedia: Disney And The Rich Getting Richer
Amidst all the tumult over oil prices, new highs in copper, soaring grain and a global industrial recovery, a giant has quietly gone about its business of hoovering out more dollars from people's wallets. As consumers are reopening their wallets, and consumer goods companies rush to convince them to spend on their products, Disney (NYSE:DIS) is delivering some impressive results.
A Good Open to the Year
For its fiscal first quarter, Disney reported that revenue had risen 10% to nearly $11 billion. Within that figure, the TV business saw 11% growth, theme parks and resorts grew 8%, and creative content (movies, etc.) grew 6% as 24% growth in license revenue offset flattish movie results. Drilling even deeper, ESPN ads were up a startling 34% as this leading cable network continues to serve an apparently bottomless appetite for sports. While traffic at the theme parks and resorts seemed a bit soft, the spending per attendant was quite strong and bookings for the second quarter seemed alright. (For related reading, check out 4 Non-Cyclical Growth Stocks Increasing Dividends.)
Going down the line, it's hard to complain about the company's profitability. Overall earnings before interest and taxes jumped 39%, with the TV business doing even better (up 47%). All in all, Disney improved its operating margin by almost four full points, a pretty remarkable result.
The Road Ahead
Looking out into 2011, it would seem that Disney has the wind at its back. The company's ABC network is not really lighting it up in terms of ratings, but Disney seems to have found a workable solution for the time being in cutting production costs. Moreover, ratings success is fickle and unpredictable; it was not that long ago that CBS (NYSE:CBS) was a basket case. In the meantime, ESPN and the Disney Channel are crown jewels that draw millions of viewers every night - though some may be surprised to know that NBC Universal's (co-owned by Comcast (Nasdaq:CMCSA) and General Electric (NYSE:GE)) USA Network is actually the number one cable network.
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Friday, December 17, 2010
Hey Clearwire, Sprint May Just Not Be That Into You
What happens if someone pulls out all the stops to throw a legendary party, and then nobody shows up? Or, alternatively, people show up but the host goes bankrupt before the party really gets going? That may encapsulate the preeminent fear about would-be 4G giant Clearwire (Nasdaq:CLWR). The company is burning cash at a prodigious rate, Verizon (NYSE:VZ) and AT&T (NYSE:T) continue to go about their business, and Sprint (NYSE:S) seems outwardly a little more skittish about its unofficial subsidiary.
A $1.3 Billion Debt Top-Off
About two weeks ago, Clearwire closed on a round of financing that brought the company over $1.33 billion in additional debt. Two tranches went out with coupon rates of 12% (though the '15 debt is trading at a yield-to-maturity of about 8.8%), while the third was a convertible with a coupon of 8.25%. Clearly, then, we are not talking about a AAA issuer. As part of its special relationship with the company, Sprint will have the right to participate (buy debt) up to 50%, and so the company may issue more debt (in excess of $700 million) within the next month.
Clearly the company needs the cash. Clearwire's capital expenditures have been averaging over $650 million a quarter lately, but the company had about $1.3 billion in cash and short-term securities on the balance sheet at the end of the September quarter (as well as an inconsequential amount of receivables and long-term investments). With this deal, then, Clearwire has bought more time but this is quite likely not the last time the company will need to raise capital.
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A $1.3 Billion Debt Top-Off
About two weeks ago, Clearwire closed on a round of financing that brought the company over $1.33 billion in additional debt. Two tranches went out with coupon rates of 12% (though the '15 debt is trading at a yield-to-maturity of about 8.8%), while the third was a convertible with a coupon of 8.25%. Clearly, then, we are not talking about a AAA issuer. As part of its special relationship with the company, Sprint will have the right to participate (buy debt) up to 50%, and so the company may issue more debt (in excess of $700 million) within the next month.
Clearly the company needs the cash. Clearwire's capital expenditures have been averaging over $650 million a quarter lately, but the company had about $1.3 billion in cash and short-term securities on the balance sheet at the end of the September quarter (as well as an inconsequential amount of receivables and long-term investments). With this deal, then, Clearwire has bought more time but this is quite likely not the last time the company will need to raise capital.
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Wednesday, December 1, 2010
A Sticky Fight Between Comcast And Level 3 Over The Web
It seems like almost everybody enjoys a good tussle, but what do people do when both combatants seem unlikeable and disingenuous? That may end up being the dilemma for observers in the recent dust-up between Level 3 (Nasdaq:LVLT) and Comcast (Nasdaq:CMCSA). While the details of the dispute are arcane enough that it may only interest hard-core 'net-heads and those involved in the business side of the internet, the ramifications of this argument could stretch far and wide.
The Facts, As They Seem
Both Comcast and Level 3 are spinning the details of this dispute to cast themselves in the best possible light, and numerous commentators are aligning themselves as well (generally against Comcast, it seems), but here is what the dispute really covers. Comcast is complaining that Level 3 is sending far more content to Comcast than they are sending back to Level 3 and that Level 3 is effectively acting as a content delivery network (CDN) "in disguise." As a CDN, then, Comcast argues that Level 3 should be required to pay the same sort of fees that it charges to other acknowledged CDNs like Akamai (Nasdaq:AKAM) and Limelight (Nasdaq:LLNW).
Please follow this link for the full piece:
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The Facts, As They Seem
Both Comcast and Level 3 are spinning the details of this dispute to cast themselves in the best possible light, and numerous commentators are aligning themselves as well (generally against Comcast, it seems), but here is what the dispute really covers. Comcast is complaining that Level 3 is sending far more content to Comcast than they are sending back to Level 3 and that Level 3 is effectively acting as a content delivery network (CDN) "in disguise." As a CDN, then, Comcast argues that Level 3 should be required to pay the same sort of fees that it charges to other acknowledged CDNs like Akamai (Nasdaq:AKAM) and Limelight (Nasdaq:LLNW).
Please follow this link for the full piece:
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Wednesday, November 24, 2010
Netflix Moves The Goalposts ... Again
It is hard not to love a company that sees the biggest threat(s) to its business model, and then embraces them. By no means did Netflix (Nasdaq:NFLX) invent the notion of streaming movies and TV to consumers, but it looks as though this company is fully embracing the idea and taking a forceful step towards not only be relevant, but continuing to be a leader in its market.
Here We Go Again
The idea of Netflix doing something new in terms of delivering entertainment to customers is nothing new. It is an unofficial rule of business and investment writing that every mention of Netflix longer than two paragraphs includes mention of the fact that the company's direct-to-consumer mail DVD rental business basically killed Blockbuster and Movie Gallery. Now, with Coinstar's (Nasdaq:CSTR) Red Box kiosks offering legitimate competition for physical DVDs and Hulu an emerging player in online and streaming content, Netflix is more fully embracing streaming content.
Please click the link for the full piece:
http://stocks.investopedia.
Here We Go Again
The idea of Netflix doing something new in terms of delivering entertainment to customers is nothing new. It is an unofficial rule of business and investment writing that every mention of Netflix longer than two paragraphs includes mention of the fact that the company's direct-to-consumer mail DVD rental business basically killed Blockbuster and Movie Gallery. Now, with Coinstar's (Nasdaq:CSTR) Red Box kiosks offering legitimate competition for physical DVDs and Hulu an emerging player in online and streaming content, Netflix is more fully embracing streaming content.
Please click the link for the full piece:
http://stocks.investopedia.
The Nuance Story Is Not All That Subtle
Speech technology has long been an area of hope, excitement and anticipation - both for the gee-whiz sci-fi aspects of it, as well as the practical and pragmatic business advantages. For Nuance Communications (Nasdaq:NUAN), though, it is not about the gee-whiz, it is about a real business, a real opportunity, and a real responsibility to execute on its potential for the benefit of its shareholders.
The Quarter that Was
Revenue rose nearly 18% for the company's fiscal fourth quarter, no matter whether investors look to the GAAP or non-GAAP figure. On a non-GAAP basis, sequential growth was also a quite healthy 11%. Within the numbers, there was a quite a bit of good news. Enterprise revenue (which includes call centers, as well as customers like Vodafone (NYSE: VOD) and Comcast (Nasdaq:CMCSA)) was the weak spot, with a 5% drop in revenue, but healthcare was up 19%, mobile/consumer was up more than 34%, and imaging was up more than 43%.
Please follow the link for the full story:
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The Quarter that Was
Revenue rose nearly 18% for the company's fiscal fourth quarter, no matter whether investors look to the GAAP or non-GAAP figure. On a non-GAAP basis, sequential growth was also a quite healthy 11%. Within the numbers, there was a quite a bit of good news. Enterprise revenue (which includes call centers, as well as customers like Vodafone (NYSE: VOD) and Comcast (Nasdaq:CMCSA)) was the weak spot, with a 5% drop in revenue, but healthcare was up 19%, mobile/consumer was up more than 34%, and imaging was up more than 43%.
Please follow the link for the full story:
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Sunday, November 14, 2010
Looking Glass Reveals Better Results At Disney
Give Disney (NYSE: DIS) credit. One way or another, the company will get eyeballs on its content. In addition to owning one of the four major broadcast networks (ABC) and the preeminent sports network (ESPN), the media and entertainment giant operates other cable channels, runs a host of resorts and parks, and constantly pushes new content out through movies and products. In other words, unless somebody lives in North Korea or a mineshaft, they will see Disney and probably see it often. (For more, see Walt Disney's Valuable Content.)
A Goofy Quarter
Disney may be ubiquitous, but that does not mean that growth comes easy. Revenue was down 1% in the company's fiscal fourth quarter. Reported network revenue was down 7%, and park/resort revenue was down 1%, while entertainment and products were up 6% and 13%, respectively. To give Disney a bit more credit, though, it is important to remember that results can be lumpy - overall second-half revenue was up a more encouraging 7%.
What made this quarter "goofy" was a host of charges and adjustments; normal in the course of business for a company like Disney (where writing down the value of content is a cost of doing business), but nevertheless confusing to some investors who do not live and breathe accounting arcana. To that end, adjusted segment operating income was up 1%, with the network and park/resort business lagging and entertainment and products doing well.
For the full article, please go to:
http://stocks.investopedia.
A Goofy Quarter
Disney may be ubiquitous, but that does not mean that growth comes easy. Revenue was down 1% in the company's fiscal fourth quarter. Reported network revenue was down 7%, and park/resort revenue was down 1%, while entertainment and products were up 6% and 13%, respectively. To give Disney a bit more credit, though, it is important to remember that results can be lumpy - overall second-half revenue was up a more encouraging 7%.
What made this quarter "goofy" was a host of charges and adjustments; normal in the course of business for a company like Disney (where writing down the value of content is a cost of doing business), but nevertheless confusing to some investors who do not live and breathe accounting arcana. To that end, adjusted segment operating income was up 1%, with the network and park/resort business lagging and entertainment and products doing well.
For the full article, please go to:
http://stocks.investopedia.
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